The Brexit referendum result and government measures to cool the buy-to-let market have hit the property market in 2016, and are expected to keep the lid on house prices next year too. Savills, the upmarket estate agency, has predicted that the property market as a whole will flatline in 2017, although that headline forecast disguises variations around Britain. The higher stamp duty on second homes knocked buyers’ appetite further, and the referendum has led to even more uncertainty. The firm’s chief executive said the fall in volume was due to higher stamp duty – “an extraordinary attack on buy-to-let landlords” – and the uncertainty caused by the Brexit vote. At £143,839, the average property price on the islands is still well below the UK average of £217,888, never mind Westminster’s £961,686.

Source: The Guardian December 03, 2016 15:56 UTC